BP to continue its investments in Russia despite sanctions

BP P.L.C., one of the world's leading integrated oil and gas companies, which owns almost 20% of Russia’s largest oil company Rosneft, considers that oil industry in the Russian Federation is developing successfully even under conditions of the sanctions imposed against the country and intends to make investments in its economy further, including gas projects.

This statement was made by the president of BP Russia David Campbell in his interview with TASS news agency on the sidelines of the Arctic forum in Arkhangelsk.

“We have been working with various regimes under sanctions worldwide for many years. We are working, and I am sure that, despite the sanctions, we will continue to invest, observing existing restrictions. The industry adapts to these changes, and we continue to operate. Production in Russia has increased over this period, as well as activity, while the ruble’s exchange rate drops, the cost of the projects has diminished,” he explained.